Shaw Earnings Slip on Lower Sales Volume

Omaha, NE, Aug. 10, 2009--Berkshire Hathaway reported net after-tax profit of $3.295 billion for the second quarter, or $2,123 per class A share.

The company reported that Shaw Industries income before taxes was $30 million, down from $82 million a year ago, or a decrease of 63%.

In addition, sales fell 23% from a year ago to $1.02 billion.

"Operating results in 2009 reflect the effects of the ongoing recession and the slow residential real estate activity," the company said in its earnings report.

"However, the favorable impact of the lower material costs was more than offset by relatively higher operating costs attributable to significant declines in sales volume, which decreased plant operating levels and manufacturing efficiencies, and costs related to plant closures."

For the first six months, Shaw's earnings were down 36% to $85 million.

Berkshire has once again returned to profitability, after reporting a net loss of $1.5 billion in the first quarter of 2009.

Related Topics:Shaw Industries Group, Inc.